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Property Management Company Charleston | An Accurate Rental Assessment

Property Management Company Charleston SC

Knowing how much to ask for monthly rent at your Charleston-area property is one of the first challenges to overcome as a landlord. This might seem easy enough on the surface, but it’s trickier than you may imagine. Among the many benefits that come with working with a property management company in Charleston is the opportunity to get an accurate assessment of what you should be charging. Reach out today to learn more.

The DIY Approach to Property Management in Charleston SC

You can certainly look around online and find some reasonable comps for the property that you hope to rent. Then, by copying what those properties are charging, you might think you are close to the mark – and you might be. Or you might be way off. Some quick Google research isn’t the same as getting insight from a property management company in Charleston that works in this business every day and knows exactly what the market will bear for various types of properties. It’s only when you have a professional evaluation in hand that you’ll be able to rent out your property with confidence that you aren’t leaving money on the table month after month.

An Easy Process for a Property Management Company in Charleston

Fortunately, it’s easy enough to get help with this task from a property management company in Charleston. Here at Scott Properties, we have a form on our site that will allow you to enter some basic information and we’ll get in touch with you about valuing your rental. There is no reason to skip this simple step to gather the information you need to make informed decisions. Even missing the mark by a few percent in terms of what you are charging for rent will add up to a huge difference in total rental income after a few years have passed.

Working with the right property management company can take a huge weight off of your shoulders. Scott Properties would be proud to serve in this role for you, so reach out today to learn more about our services. We hope to hear from you soon!

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Finding the Right Property Management Company Makes All the Difference

Property management company in North Charleston

What do you think is the most important piece of the puzzle when renting out a property in the Charleston area? While you could point to many different variables, our experience in this industry points to one thing as the clear top priority for all property owners – finding the right tenants. Simply put, everything gets a lot easier when you find the right tenants to occupy your property or properties. Working with a property management company in North Charleston like Scott Properties can help you find the right people in a timely manner to keep occupancy high and problems to a minimum.

Two Key Traits | Property Management Company

When searching for tenants, there are two traits that you always want to find. First, you want someone who has the ability to pay on time. That means they have employment or another source of income that is sufficient to cover the monthly rent along with their other living expenses. In addition to having the money to make timely payments, the other trait you want to find is reasonable, rational, adult behavior. You don’t want a wild, unpredictable tenant causing damage to the property, upsetting the neighbors, and more. Finding the combination of these two traits often proves easier said than done, so let a property management company in North Charleston take on the challenge for you.

It Takes Time

When a property owner does their own work to find a tenant, they tend to rush the process and select the first person or family that demonstrates the ability to pay the rent. It’s easy to understand why you would be in a hurry to fill the unit, but being in a hurry could cause you to overlook issues that might become a big problem later. A good property management company in North Charleston will also work to get your property rented right away, but will do so by using a vetting process that attempts to weed out any potential tenants that would be trouble in the future.

Working with the right property management company can take a huge weight off of your shoulders. Scott Properties would be proud to serve in this role for you, so reach out today to learn more about our services. We hope to hear from you soon!

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Property management company in North Charleston | Don’t Make Costly Legal Mistakes

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It’s tempting to ignore the potential legal risks of renting out a property, but doing so would be a serious mistake. There are plenty of legal issues that can come up when renting a property to a tenant, so you want to make sure to have all of your ducks in a row on the legal front. As an experienced property management company in North Charleston, Scott Properties will help you get everything in order so no unexpected problems develop later on.

A Quality Lease | Property Management Company in North Charleston

Writing out the terms of a lease on the back of a napkin might be quick and easy, but such an agreement is sure to have legal holes that could be exploited down the line. Not only do you need to make sure that the terms of the lease you present to a renter are protecting your interests, but those terms also need to comply with fair housing regulations. Taking the DIY approach is simply too risky when you can turn to a proven property management company in North Charleston to take care of this critical matter.

It Only Takes One

The unfortunate reality of the situation is that it only takes one experience of getting into legal issues with a renter for the overall experience of being a landlord to take a dramatic turn for the worse. Even if you are in the right, fighting any kind of legal battle is stressful and expensive. Not working with a professional property management company in North Charleston could open you up to risks that aren’t worth taking in the big picture. You’ll certainly rest easier at night knowing your documents are up to accepted industry standards and you have the necessary legal coverage if one of your tenants decides to take up a complaint.

Working with the right property management company can take a huge weight off of your shoulders. Scott Properties would be proud to serve in this role for you, so reach out today to learn more about our services. We hope to hear from you soon!

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Three Benefits of Using an Experienced Property Management Company

Property Management Company North Charleston

Finding the right property management company in North Charleston can be a little tricky. As a property owner, you are hoping to not only find a company that is reliable and trustworthy, but also one that charges reasonable fees for its services. As you search for the right fit, remember to look for a company that has plenty of experience in this field, as it’s often experience that makes all the difference. Here are three benefits of opting for a company with a proven track record in the area.

Problem Solving Skills

Renting out a property is not always a smooth experience. There are bound to be problems along the way, and an experienced property management company in North Charleston will have seen those problems before. Rather than scrambling to find a solution, a company like Scott Properties will know what to do and the issue will be resolved right away.

Scaling Up

For many rental property owners, the ultimate goal is not to own just a single property. Instead, they want to build a portfolio of properties, expanding both their monthly cash flow and their overall net worth in the process. If this sounds like a future that you would like to pursue, working with a good property management company in North Charleston will make it easier to scale up your operation and reach higher levels of income down the line.

An Existing Network | Property Management Company in North Charleston

Finding good tenants is one of the most important roles that a property management company can play, as this is a big challenge for an individual property owner. With an experienced management company as your partner, you’ll have access to a proven method and network for finding good tenants that are likely to make timely payments and treat your property with respect.

Working with the right property management company can take a huge weight off of your shoulders. Scott Properties would be proud to serve in this role for you, so reach out today to learn more about our services. We hope to hear from you soon!

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Property Management Company in North Charleston | Can’t I Manage My Own Property?

Property management company in North Charleston

For those who own properties that they want to rent out to earn some ongoing, relatively passive income, there are two primary options – managing it themselves or hiring a property management company in North Charleston. Of course, hiring a management company is not free, so the primary consideration here is financial. Is it better to spend time managing the property and keep all of the money, or hire out for the job and bring home less revenue in the end? Let’s take a closer look at this important question.

 

You Can – But It’s Not Easy

The simple answer here is that yes, you can manage your own property rental. If you’d like to do it yourself, you can become familiar with the various laws and restrictions that govern rentals, and you can be the primary point of contact for your tenant or tenants. This will certainly save you money, but the cost of those savings will be your time. Many people initially underestimate just how much work it is to manage a rental, which is why they eventually turn to a property management company in North Charleston to do the job for them instead.

 

Seeing the Big Picture | Property Management Company in North Charleston

Managing your rental property for a short time might not be a big deal. But do you want to keep that up for many years to come? The various tasks that are associated with managing the property – like returning phone calls, collecting rent, finding tenants, etc. – can become quite tiresome in the long run. With a property management company in North Charleston in charge of the property instead, you can set those hassles to the side and just watch your payments roll in. This is a far more sustainable arrangement and one that may make it easier to grow your rental portfolio over time.

 

Working with the right property management company can take a huge weight off of your shoulders. Scott Properties would be proud to serve in this role for you, so reach out today to learn more about our services. We hope to hear from you soon!

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Rehabbing Dos and Don’t for Rental Homes

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If you’re an investor who is purchasing fixer-uppers to rehab and then rent your home in Charleston, you’re always on the prowl for new projects. However, when you’re just starting out, getting in over your head is easy. Rehabbing homes can be full of surprises that can break the bank on your budget. Overspending on a project means it will take much longer, often years or decades, to recoup the cost and start making a profit. Investors who understand the dos and don’ts of rehabbing homes can avoid the common pitfalls of house flipping. 

Rehabbing Dos for Rental Homes

It is common to rehab a house or make updates before you rent your home in Charleston. There are certain things investors can always count on being successful for rental home renovations. 

  • Focus on structural damage, building, and housing codes first
  • For Aesthetic Appeal, a fresh coat of paint to all the walls and new carpeting goes a long way
  • Update cabinets to an easy-to-clean, modern, durable style
  • Replace old appliances with modern, energy efficient versions
  • Update bathrooms to be modern and sleek
  • Update flooring, especially stained carpets or damaged laminate

If you have a lot of wiggle room in your budget, rehabbing outside space can also increase curb appeal and command a higher price when you rent your home in Charleston. Adding a deck, fresh landscaping, or a patio, new siding or paint, and more can really help increase your profits.

Rehabbing Don’ts for Rental Homes

There are some projects that aren’t the best ideas when rehabbing rental homes. 

  • Skip installing a swimming pool or hot tub unless you want to pay higher insurance premiums
  • Don’t keep painting over the same old cabinets, tubs, and fixtures, just replace them
  • Tenants do a lot of wear and tear on flooring and carpets so don’t install the cheapest option unless you plan to clean and replace the flooring frequently
  • Don’t compromise quality on projects that affect safety
  • Don’t go over budget and hope raising the rent will make up the costs

Working with property managers can help you determine which rehab projects are helping rentals fly off the market, and which you can skip. Let the experts on property rentals help you make the best choices for your business.

 

If you need property management services in Charleston, give Scott Properties of Charleston a call at 843-790-4929

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Why Renters’ Insurance Must Be Mandatory

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One way to start building wealth and having a stream of residual income is to rent your home in Charleston. Housing is an ever present and growing need in Charleston and all over South Carolina. Property owners and investors have a great chance to increase their profits while also providing a vital service for residents. It’s imperative to protect your investment and keep properties in great condition to get the best return. One of the best ways to protect your investment is requiring tenants to have renters’ insurance.

Why Renters’ Insurance is Important | Property Management in Charleston

When you rent your home in Charleston, it can be nerve-racking to put your trust in tenants to keep your property maintained. Your property insurance will cover major disasters, but won’t cover your tenants’ belongings. Tenants often believe that the investor’s insurance will cover their belongings, but this is a myth that often leaves renters and landlords in a terrible predicament. While renters’ insurance isn’t required by law in South Carolina, it can still be added as mandatory in the lease agreement.

If you rent your home in Charleston, your insurance policy will cover structural damages to property, liability if renters make claims against you, rental income losses, and sometimes the investor’s property such as appliances being provided in the home. 

Tenants with renters’ insurance are less likely to have conflict when damages occur due to fire, flooding, break-in, or other circumstances that could result in a loss of property. Renters’ insurance can also cover damages from pets the renter may have in the home. With renters’ insurance, both the tenant and the investor can be protected. 

Before you let the tenant sign the lease, make sure to get a copy of their renters’ insurance policy. You should also ask for a new copy of the renters’ insurance policy during every lease renewal. Partnering with a property manager can help make the leasing process and all the administrative tasks go smoother. 

If you need property management services in Charleston, give Scott Properties of Charleston a call at 843-790-4929

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South Carolina Security Deposit Rules | Property Management Company Charleston

Property Management Company Charleston

Security deposits are one thing that every property management company in Charleston has in common. A security deposit is money that a tenant must give in advance of renting that is held by the landlord or property manager until move out. When a tenant moves out, any damages to the property or violations can be deducted from the security deposit. However, there are a lot of rules regarding how these deposits can be handled, stored, and dispersed that investors need to know about. 

Security Deposit Rules for Investors 

Investors in South Carolina can require security deposits on their properties to cover damages that go above and beyond normal wear and tear as well as unpaid rent. 

There are no minimums or maximums on the amount a property management company in Charleston can charge for rent; however, most investors and managers choose to equate the deposit to one month of rent. 

Security deposits must be returned within 30 days of the renter vacating the property. A written statement must be included that itemizes any deductions made to the deposit, and any money still owed that was not covered by the deposit.

Best Practices for Security Deposits

Upon move-in, ask tenants to report any damages to their home within 48 hours of taking possession. Move-in inspection sheets are easy to use for these purposes and can be kept in the lease file to compare when the tenant vacates the property. Similarly, conduct a move-out inspection with the tenant when they return the keys. This way, the property manager and tenant are on the same page with the condition the home is being vacated in. All damages listed on move-in or move-out forms should be documented with photos as well. 

Sometimes, there will be disagreements between the property management company in Charleston and the tenants on the amount that should be returned from the security deposit. Keeping diligent records of all damages, lease violations, and communications with the tenant will be key if legal proceedings need to happen. Luckily, investors can rely on professional property managers to handle these things. 

If you need property management services in Charleston, give Scott Properties of Charleston a call at 843-790-4929

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Avoid These Property Investment Mistakes | Property Management Company

charleston property management company

Purchasing rental property is a great way to build wealth that can maximize your profits for generations. Housing will always be needed so the investment is likely to be a good one. However, investors who are new to rental homes can easily fall into a few pitfalls that can set them back on their investments. A good property management company in Charleston can help you avoid some of the most common mistakes investors make, but knowing them ahead of time can save you a lot of money and hassle. 

Most Common Mistakes Investors Make

  1. Violating Housing and Building Codes: When you invest in real estate, it is imperative to know the ins and outs of building and housing codes. When homes are not compliant with building and housing codes or ordinances, fines can be issued. Homes can also be deemed uninhabitable with renters being displaced which can cause legal troubles for an investor and property management company in Charleston.
  2. Charging the Wrong Rent: Some investors price rent too high while others go way too low. The rental market in Charleston is huge, and market rent can quickly fluctuate. Working with a property management company in Charleston can help investors charge a rent amount that turns a profit and keeps residents releasing. 
  3. Underestimating Costs: When choosing a property to invest in, you must consider additional costs to have a home ready to rent. Many first time investors purchase fixer-uppers with the intentions of renting or selling with a huge profit, but underestimate the repair costs. Investing too much money upfront makes the time to become profitable much longer.

There are many nuances to investing, portfolio building, and providing quality housing for tenants. Once you’re ready to start moving tenants in, a property management company in Charleston can step in to get your profits rolling. Property managers will take over the day-to-day operations of your rental including leasing, communicating with tenants, and scheduling maintenance. Don’t let the do-it-yourself mindset stand in the way of operating an efficient rental company, hire property management today!

If you need property management services in Charleston, give Scott Properties of Charleston a call at 843-790-4929

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Charleston Top Rental Market Post-Covid | Property Management Company

charleston property management company

According to the National Association of Realtors, Charleston is one of the top rental markets in a post-Covid world. Charleston was already a fast-growing community before the Covid-19 pandemic because of its reputation for being an affordable alternative to big-city prices and lifestyle. Job growth has been consistent and the local government has focused on economic diversity and expansion which makes the community attractive to investors who want to work with property management companies in Charleston to expand their portfolios. 

Why Buy A Rental Home In Charleston 

Investors who want to get into rental property should buy property in Charleston as soon as possible. Home values are rising every year by as much as 14% with the average single-family home selling for $363,700 according to the Charleston Trident Association of Realtors. The Charleston Regional Business Journal also projected that the housing market in Charleston will continue to remain in the top 10 for the next several years. 

One of the factors driving prices up in Charleston is the shortage of properties available. The Inventory of homes for sale has decreased by nearly 50% as more people decide to stay put in Charleston. Property management companies in Charleston SC are having success in keeping tenants in properties long term as well as filling vacant properties quicker than ever. 

Charleston has over 60 neighborhoods with homes of varying prices and diverse demographics where investors will find a high demand for rental homes. Currently there are an additional 7,500 homes needed to keep pace with population growth, so if investors can purchase a home in Charleston, the risk of not being able to find a high-quality renter is almost non-existent.

If you are interested in Scott Properties managing your rental properties, call us today at 843-790-4929.